Recently, the president of the Republic of Korea (RoK) Yoon Suk Yeol's visit to Vietnam, accompanied by more than 200 Korean corporate and business owners, demonstrated robust potential for bilateral economic, trade, and investment cooperation between the two nations.

At the invitation of Vietnamese State President Vo Van Thuong and president of the RoK Yoon Suk Yeol and his spouse conducted a state visit to Vietnam from June 22 to 24, 2023. The reception ceremony was held with a 21 gun salute resounding amidst the national anthems of the two countries.

In the meetings and conversations, Vietnamese leaders welcomed Yoon Suk Yeol, his spouse, and the high-level Korean delegation on their state visit to Vietnam. They noted that the visit, which came shortly after the two countries upgraded their relationship to a "Comprehensive Strategic Partnership" at the end of 2022, marked a new milestone, pushing the relationship towards greater heights and quality in the future.

President Vo Van Thuong holds talks with President of the RoK Yoon Suk Yeol. Photo: Thong Nhat/VNA

Both sides agreed that over the course of more than 30 years of diplomatic relations, the relationship between the two countries has made remarkable progress with important milestones, from the Comprehensive Partnership in 2001 and the Strategic Partnership in 2009, to the Comprehensive Strategic Partnership in 2022.

During the visit, Predent Yoon Suk Yeol and Prime Minister Pham Minh Chinh attended the Vietnam - Korea Business Forum. The forum was attended by representatives from various ministries, sectors, agencies and organizations, and over 500 delegates representing associations, corporations, and businesses of both countries.

The two sides agreed to strengthen cooperation through effective measures, such as leveraging the role of bilateral economic cooperation channels to increase bilateral trade turnover in a stable and balanced direction, striving to achieve a two-way trade turnover of 100 billion US dollars quickly and aiming for a goal of 150 billion US dollars by 2030.

Prime Minister Pham Minh Chinh and Korean business corporations. Photo: Duong Giang/VNA

They agreed to further enhance cooperation in fields like electronics, renewable energy, environment, infrastructure development and the tourism industry. They want to simultaneously strengthen the development of cooperation models to form new industrial zones such as high-tech industrial parks, smart cities, urban-industrial complexes, and cooperation in investment, technology in project implementation.

At the same time, they agreed to enhance the sharing of cooperative experiences in the development of high-tech agriculture, smart agriculture, post-harvest preservation, and processing industries.

The RoK committed to providing ongoing support to Vietnam with a total of 200 million US dollars in Official Development Assistance (ODA) funds from 2024 to 2027. This financial aid will be allocated towards various areas, including the environment, climate change response, health, education, and digital transformation. Notably, the RoK decided to increase the non-refundable aid package of 30 million US dollars over the next 10 years to deploy the "Future Korea-Vietnam Partnership for Research, Development, and Innovation" project, supporting the development of new industries in Vietnam.

The RoK President Yoon Suk Yeol talks with college students. Photo: An Dang/VNA

Korean businesses highly appreciate Vietnam's robust development in recent times and thanked the Vietnamese government and its various departments for their support and facilitation, helping to resolve difficulties and obstacles for Korean investors. The Chairman of the Korea Enterprises Federation (KFF) and Chairman of the CJ Group, Sohn Kyung Shik, believes that, based on many cultural and societal similarities, Vietnam is a very promising destination for Korean investors./.

 Story: VNP    Photos: VNA    Translated by Hong Hanh